TriGranit goes to Brasov for third shopping center, plans mixed project in Galati

. The company acquired a 22,000 sqm land plot in the city. Arad, Timisoara, Bacau and Galati are also on the developer’s map for future projects. The company is analyzing Galati for a project, which could include retail, residential and even offices.
The company launched last week its second Polus shopping center in Romania, in Constanta, after having opened a similar scheme in Cluj last year. Construction works for Polus Constanta had already started in 2007.
The shopping center in Constanta, a EUR 140 million investment, to be ready in the second trimester of 2009, will feature 50,000 sqm of leasable area. The mall will have 170 stores, and will be anchored by hypermarket Auchan. The mall has been 62 percent leased.
TriGranit has signed forward purchase deals with Immoeast for both its Polus centers in Cluj and Constanta. The mall in Cluj was sold for EUR 210 million, while the one in Constanta, for EUR 185 million.
Romania is currently TriGranit’s second country of interest, after Russia, based on committed investment volumes. TriGranit will invest up to EUR 3 billion in Romania in the next five to seven years. TriGranit operates in 11 countries in Central and Eastern Europe, and has a pipeline of over EUR 8 billion of mixed-use developments. TriGranit's long-awaited EUR 1 billion Esplanada mixed-project in downtown Bucharest is just weeks away from signing, after three years of negotiations between the development company and the Romanian state, company officials have recently announced.

Corina Saceanu